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The two sides reached the accord after Iran struck targets in Kuwait and Bahrain on Sunday. Stock futures rose on the development while oil prices edged higher. A U.S. jobs report is scheduled for release on Thursday.
theiranproject.comThe U.S. and Iran agreed to stop attacks on each other and hold talks in Qatar on Tuesday, according to sources familiar with the discussions. The accord came after Iran launched strikes on Kuwait and Bahrain earlier Sunday and threatened to end peace negotiations.
Futures tied to the Dow Jones industrial average rose 128 points, or 0.25 percent, on Sunday evening. S&P 500 futures gained 0.38 percent and Nasdaq futures added 0.35 percent. U.S. oil futures climbed 0.33 percent to $69.46 a barrel while Brent crude held near flat at $71.97.
President Donald Trump accused Iran of violating a two-week-old ceasefire and posted on Truth Social that further escalation could lead to the end of the Islamic Republic of Iran. Iran had created the Persian Gulf Strait Authority earlier this month and proposed fees for passage through the Strait of Hormuz.
Foreign Minister Abbas Araghchi said the memorandum signed by the two countries gives Iran sole authority over traffic in the strait.
“The management and full restoration of maritime traffic in the Strait of Hormuz is Iran’s responsibility,” he stated, according to Iranian state media. ” Gulf traffic data showed a convoy of tankers moving through the strait under escort with transponders active. The U.S.
Is observing Independence Day on Friday, July 3, so the Labor Department will release its June jobs report on Thursday. Wall Street expects payrolls to rise by 118,000, down from May’s gain of 172,000, with the unemployment rate steady at 4.3 percent.
axios.comThe U.S. Supreme Court sent the Federal Reserve governor's removal challenge back to lower courts without ruling on the merits. President Trump had sought to remove Lisa Cook citing mortgage fraud allegations under federal law that limits removals to cases of cause.
sbs.com.auThe Supreme Court ruled 6-3 that the president can fire members of most independent agencies, overturning a 1935 precedent. The decision upheld the removal of a Federal Trade Commission member and is expected to affect other agencies including the Consumer Product Safety Commissi…
Breaking DefenseRomania signed an initial agreement to acquire six Spyder systems from Israel's Rafael. The deal forms the first phase of a framework valued at more than €2 billion and includes local production plans.